NEW YORK, Dec.6 (Reuters) – Retail investors have been among those selling shares of Didi Global (DIDI.N), which fell after the rideshare company revealed its intention to withdraw from the New York Stock Exchange. York.
Retail investors sold $ 3.37 million net of Didi shares on Friday, according to data from Vanda Research. The stock fell 22.2% on that day after the company announced plans to pursue a Hong Kong listing, a startling reversal as it bowed to Chinese regulators angered by its state IPO. -United. Read more
Retail investors also sold shares of Didi on Wednesday and Thursday of last week on a net basis, having mostly bought shares of the stock in the past month, according to data from Vanda.
“I think most investors don’t fully understand how the delisting process works – or at least they don’t bother to know it,” Giacomo Pierantoni, research analyst at Vanda, said in an email . “As a result, they just prefer to get rid of the stock.”
Didi shares rebounded on Monday and were recently up around 8% to $ 6.56 in the early afternoon, but are still more than 50% down from their IPO price in June. .
Register now for FREE and unlimited access to reuters.com
Reporting by Lewis Krauskopf; Additional reporting by Ira Iosebashvili; Editing by David Gregorio
Our Standards: Thomson Reuters Trust Principles.